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U.S. investors are withdrawing billions of dollars from European stocks as signs of a stalled economic recovery, compounded by the Ukraine crisis, halt the past year’s scramble to buy back into the region. The switch out of Europe into emerging markets or the United States is not yet a wholesale exit, with several large asset managers trimming rather than axing their exposures to the region – a far cry from the panic of 2011 at the height of the euro zone debt crisis.

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